有色金属行业2025年中报总结：中期行业盈利增长明显，贵金属及小金属板块表现优异

Investment Rating - The industry rating is "Overweight" (maintained) [2] Core Views - The non-ferrous metal industry has shown significant mid-term profit growth, with excellent performance in precious metals and minor metals sectors [2] - The non-ferrous metal index has increased by 49.27% year-to-date, outperforming the CSI 300 index by 34.96 percentage points [4][16] - The first half of 2025 saw a stable revenue growth in the non-ferrous sector, with a notable increase in net profit [5][36] - The copper sector's profit growth significantly outpaced revenue growth, while precious metals saw substantial increases in both revenue and profit [6][9] Summary by Sections 1. Industry Performance Overview - The non-ferrous metal industry has outperformed the market, ranking second among major sectors in terms of growth in the first half of 2025 [18] - The precious metals and minor metals sectors have shown particularly strong performance, with the rare earth sector's growth far exceeding others [22][52] 2. Copper Sector - In the first half of 2025, the copper sector achieved revenue of 923.66 billion yuan, a year-on-year increase of 1.54%, while net profit reached 43.81 billion yuan, up 40.97% [60][62] - The sector's profit growth was significantly higher than revenue growth, indicating improved profitability [63] 3. Precious Metals Sector - The precious metals sector reported a revenue of 188.25 billion yuan in the first half of 2025, reflecting a year-on-year growth of 27.15%, with net profit increasing by 64.71% [6][11] 4. Rare Earth and Magnetic Materials Sector - The rare earth sector saw a turnaround in revenue growth, with net profit significantly increasing in the first half of 2025 [7][8] - The magnetic materials sector also experienced a slight revenue increase, with net profit growth outpacing revenue growth [8] 5. Investment Recommendations - The report suggests focusing on the copper sector due to supply constraints and favorable demand dynamics, as well as the precious metals sector, which is expected to benefit from a long-term bullish outlook on gold prices [9]